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Russia ‘Actively’ Working on SWIFT Alternatives, Foreign Ministry Official Says
22.5.2023
The Russian Federation is collaborating with partners to link payment systems alternative to the interbank messaging system SWIFT, a representative of the country’s Ministry of Foreign Affairs announced. The work is part of the de-dollarization of the economy, the official indicated. Russia Seeking...
De-dollarization Has Already Started, Says Russia’s Foreign Minister Lavrov
21.5.2023
The process of de-dollarization has practically started, according to Russian Minister of Foreign Affairs Sergey Lavrov. Moscow’s top diplomat is convinced that Russia’s position on the matter is shared by many other countries while the West is undermining the role of the U.S. currency. Russia’s...
Russia Involved in De-Dollarization Talks With the Islamic World to Create Independent Financial System
21.5.2023
Russia and the Islamic world are currently discussing how to deepen the de-dollarization agenda to create a new financial system. According to statements from Russian Deputy Prime Minister Alexey Overchuk, these topics are inscribed in broader deglobalization talks, and the Russian government...
Renowned Investor Jim Rogers Warns US Dollar’s Time ‘Coming to an End’ as Countries Seek Alternatives
21.5.2023
Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says the U.S. dollar’s time is coming to an end as more countries are seeking alternatives to the USD. “Many friends of America are moving, trying to find something to compete with...
Expert Claims Proposed BRICS Common Currency Poised to Undermine US Dollar Dominance
20.5.2023
A recent report from China’s Global Times reveals that Zhou Yu, an international finance research director at the Shanghai Academy of Social Sciences, believes that the proposed BRICS cross-border currency is a significant step in challenging the dominance of the U.S. dollar. Zhou asserts...
Stablecoin survival: Navigating the future amid global de-dollarization
19.5.2023
The stablecoins with the largest market cap are pegged to the U.S. dollar, so what risk does de-dollarization pose to stablecoin users?
Venezuela’s President Declares Inevitable Shift Away From US Dollar in De-Dollarization Push
19.5.2023
Venezuelan President Nicolas Maduro has announced that Venezuela will shift away from using U.S. dollars in trade, emphasizing that the de-dollarization process is “inevitable.” He described: “This is the path of Venezuela and the path of a free economy where currencies are not used...
Brazilian President Lula Ends Fuel Price Peg to the US Dollar, Announces Wholesale Discounts
18.5.2023
Brazilian President Luiz Inacio ‘Lula’ da Silva has announced that state oil company Petrobras will not be using US dollar-based international prices to set its internal fuel pricing structure. The “Brazilianization” of the industry determines discounts for distributors...
Indonesia Introducing New National Payment System to Protect Against ‘Geopolitical Consequences’
17.5.2023
Indonesia is introducing a new national payment system as the country furthers its de-dollarization efforts and protection against “possible geopolitical consequences.” The new payment system will replace Visa and Mastercard in state-owned institutions and companies, a top central bank...
US Dollar’s Importance Declining in International Transactions and as Reserve Currency, Economist Says
17.5.2023
A Canadian economist and professor at the University of British Columbia says the role of the U.S. dollar in international trade and as a reserve currency has been declining. “Other currencies have been getting more important in international transactions and as reserve currencies,” he stressed....
Musk on ‘Massive Incentive’ to Get Money Out of Banks, Dave Ramsey Dismisses De-Dollarization Fears, BTC Network Congestion Eases, and More — Week in Review
14.5.2023
Twitter CEO Elon Musk has shared what he calls a “massive incentive” to get money out of bank accounts, noting “bank depositor flight will accelerate to extreme levels, even for banks that are ‘too big to fail.’” Personal finance coach and author Dave Ramsey, for his part, thinks...
10 Southeast Asian Nations Challenge Dollar Dominance With Push for Local Currencies
14.5.2023
The leaders of 10 Southeast Asian nations, members of the Association of Southeast Asian Nations (ASEAN), have agreed to “encourage the use of local currencies for economic and financial transactions.” The group comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar...
Dave Ramsey Dismisses De-Dollarization Concerns — Says BRICS Currency, Chinese Yuan Can’t Take Down US Dollar
10.5.2023
Personal finance expert and best-selling author Dave Ramsey has dismissed de-dollarization concerns and the prospects of a BRICS currency, the Chinese yuan, or the Russian ruble displacing the U.S. dollar in international trade. “They don’t have the muscle to take down the dollar,”...
Warren Buffett Sees ‘No Option’ Other Than US Dollar as Reserve Currency, but Warns Fed Can’t ‘Just Print Money Indefinitely’
8.5.2023
Warren Buffett, CEO of Berkshire Hathaway and one of the most renowned investors in the market, stated that he saw no viable option to become the world’s reserve currency besides the U.S. dollar. However, he warned about the dangers that printing too much money could bring to the strength...
Upgrade to Bring Bitcoin Cash Smart Contracts, Ted Cruz on BTC, Global De-Dollarization Efforts — Week in Review
7.5.2023
Software developer Jason Dreyzehner says smart contracts “comparable to Ethereum,” but remarkably more efficient will be made possible by the May 15 upgrade coming to the Bitcoin Cash network. In other news, the world’s largest regional organization, the Shanghai Cooperation...
IMF Chief Warns of More Weaknesses in US Banking Sector — Sees ‘Gradual’ Shift Away From US Dollar
4.5.2023
International Monetary Fund (IMF) Managing Director Kristalina Georgieva expects “more vulnerabilities” in the U.S. banking sector amid a growing de-dollarization trend worldwide. “There has been a gradual shift away from the dollar,” the IMF chief acknowledged. U.S. Banking...
Latam Insights — Steve Hanke Advocates Dollarization in Argentina, Bitcoin City Plans Unclear in El Salvador, Sunacrip Implicated in Venezuela Layoffs
1.5.2023
Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue, economist Steve Hanke calls to dollarize Argentina, Bitcoin City plans are still not formalized in El Salvador, and Venezuelan crypto watchdog...
Russian Official Expects Agreement on BRICS Currency This Year
1.5.2023
The chairman of the State Duma Committee on the Financial Market says that an agreement on the BRICS currency can be reached in 2023 as BRICS nations ramp up their de-dollarization efforts to shift away from U.S. dollar reliance. “By linking its economy and currency to politics, the U.S....
Satoshi’s Last Emails: ‘Make It About the Open-Source Project,’ Economist Predicts ‘Catastrophic’ Fall in US Living Standard, FRC Shares Plummet, and More — Week in Review
30.4.2023
Another week has passed in the world of crypto and finance, with the anniversary of Bitcoin creator Satoshi Nakamoto’s last known emails, predictions of massive declines in Americans’ standard of living, and important developments at the struggling First Republic Bank. All this and more...
Zimbabwe’s De-Dollarization: Central Bank to Issue Gold-Backed Digital Currency in Early May
30.4.2023
The Reserve Bank of Zimbabwe (RBZ) has said it will start issuing gold-backed digital tokens on May 8. The first phase of the launch will see the digital tokens being issued for “investment purposes with a vesting period of 180 days.” The RBZ also revealed that the gold-backed digital...